Dubai’s Emaar Malls H1 2019 net profit rises 3%

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, reported a net profit of AED 1.13 billion ($308 million), an increase of three percent, in the first half of 2019, compared to AED 1.10  billion ($300 million) in the same period last year.

Revenue rose to $606 million, an increase of six percent year-on-year (YoY), from $573 million, the company said in a statement on Wednesday.

Net profit for Q2 2019 stood at AED 546 million, down one percent, from same period last year. However, revenue rose by eight percent YoY to $314 million.

Emaar Malls is strengthening its retail infrastructure with new extensions of The Dubai Mall (Zabeel and Fountain Views), which are expected to open this year. 

Dubai Hills Mall will open in 2020, which will offer a GLA of about 2 million square feet and feature 550 retail and entertainment shops, the statement added.